279,00 homes received a foreclosure filing in October, 1 in every 452 homes in the USA - the glacier of homes at risk kept sliding at a fast pace through November towards their day of eviction as, in fact, the real glaciers are also speeding up their path to the oceans. The cruel reality of people, even those with jobs, losing their homes because of massive jumps in their interest rates is made even more painful after America has kicked out the Magoo President W Bush who still keeps running, or rather continues not running, things. W keeps to his line that government interference is bad except in giving multi-billions to the richest and that helping average home lenders is either bad or will take a long time.In congressional hearings after the election democrat parliamentarians were scathing in their questioning of "bailout" officials as to when money from the bailout would start flowing to home mortgagees and when officials would start forcing banks into rewriting loans to reasonable interest rates instead of the "criminal" levels that were normal in sub-prime loans. (I "..." criminal because they no doubt were legal in the eyes of most courts, even in NSW, but that's because "possession is 9/10ths of the law" in that the law's main role is to protect the ones who already possess the most capital.) The U.S. Congress seem to be in open revolt against the officials who were explaining the way the W Bush/Paulsen plan was being implemented and why little people would be helped last.
In a credit freeze, like this one, who you help first is more than crucial - it shapes and controls the end result. The W Bush/Paulsen team seem focused on helping the super banks and corporations - still pretending the trickle down effect will take care of everyone else. But those receiving the multi-billions (some $300 billion so far) are not lending them out (except to each other) - they're holding them, waiting to buy out smaller corporations that are rich in assets but short of liquidity (because the big banks are not lending). The ‘trickle down' will come as financial blood from the biggest dinosaurs gorging on the middle banks that haven't been bailed out yet. But this fight is happening on a glacier of defaulting home loans and at the bottom of the glacier there are tens of thousands of small buyers (in small boats) bidding for the homes as the foreclosures drop them off the edge into the ocean. W's team think this is how capitalism should work. "I'm a free market person" W said at the end of the G20 conference.
In the polar oceans off the glacier the warming sea is decreasing the numbers of krill, that whales and other sea animals feed upon, and is increasing the number of jelly-fish-like ‘bubbles', that help the absorption of excess CO2 but have no nutrient value. A bad-good reality. On TV last week we've seen the "Atmospheric Brown Cloud" the permanent pollution cloud stretching from New Delhi across India, Thailand, China, Japan, out past Hawaii. They say that it could be gotten rid of in just a few weeks but, then, the global temperature would jump by over one degree because the dirt in this cloud is shading vast areas of the planet. Another ecological bad-good reality. There'll be lots more of them.
But up top the giant corporate dinosaurs disregard the fragile nature of the glacier they are fighting over, disregard the 9,000 homes being auctioned off every day, disregard the small businesses that need operating loans, disregard the human misery created by poverty, even disregard shipping letters of guarantee (that allow trade to occur) and build their war chests for devouring bargains while the economy keeps collapsing. Look at Citibank they get a $300 billion guarantee to cover high risk loans and the same day say they're now going out to buy more high risk loans going cheap - as Pres W Magoo would say "ah, the smell of capitalism, that's what makes America great".
Over 9,000 homes a day in the USA but who's counting .... Well a lot of people actually. It's strange and sad that America is the worst and the best of countries (worst + best does not = best). There are so many intelligent and caring people but so many wrongs that it's dau